Peak Energy, a US-based battery maker, has announced raising $55 million in its Series A funding round anchored by Xora Innovation, the early-stage deep tech investment arm of Singapore state investor Temasek Holdings.
The fresh funding will be used to launch full-scale production of Peak Energy’s sodium-ion battery technology, which is a stable and proven battery chemistry that offers advantages in cost, supply chain security scale, and safety over lithium-ion.
Peak Energy said the funding round was also backed by existing investors Eclipse, strategic partner TDK Ventures, and new investors Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, and DETV-Scania Invest.
The latest investment comes on the heels of Peak Energy’s launch from stealth less than a year ago with a $10-million seed fund and the addition of Apple and Tesla Veteran Liam O’Connor as co-founder and COO.
Founded in 2023 by industry veterans, the company is developing low-cost, giga-scale energy storage technology to accelerate the renewable energy transition.
It also comes as US energy demand is forecasted to grow by 20% by 2030 due to the rise of AI and increased electric vehicle adoption, per the announcement.
“As energy demand grows, we must capitalize on the potential of renewables to provide dependable, inexpensive energy to fuel a new era of technological advancement,” said Landon Mossburg, co-founder and CEO of Peak Energy.
Without access to affordable, reliable clean energy, the US will likely rely on gas-powered peaker plants or, even worse, keep old, polluting coal power plants running, undoing progress on reducing carbon emissions, according to the announcement.
“The need for a new utility-scale storage standard is not a decade away, it’s right now,” said Phil Inagaki, managing partner & chief investment officer at Xora Innovation.
Xora Innovation was set up in 2019 by Temasek and the National Research Foundation to invest in and support early-stage startups in the deep tech and science and technology sectors.
In May, Xora Innovation co-anchored the $15-million Series A round of Singapore-headquartered biotech startup Allozymes, which specialises in enzyme discovery and engineering. Amperesand, a startup providing power grid infrastructure solutions, also raised $12.45 million in a seed financing round co-led by Xora Innovation and US-based Material Impact in February.
